The Huntington Woods-based specialty finance company Hennessey Capital LLC Monday announced fourth quarter financing deals totaling $1.5 million through the following transactions with Michigan-based businesses:
* A $750,000 accounts receivable and Inventory line of credit for a staffing firm to replace their current lender and increase working capital.
* A $500,000 factoring facility for a LED and energy efficient lighting supplier to support payroll and increase inventory.
* A $200,000 factoring facility for a cutting tools distributor to increase its working capital and build their business.
* $100,000 factoring facility for a cell tower repair company to improve working capital liquidity.
Hennessey Capital President Mike Semanco says the most recent round of funding reflects the ongoing need of second stage businesses that is fulfilled by non-bank financing options like factoring and asset-based lending.
“Increasingly, small and medium sized companies need to ramp up quickly to meet supplier and customer needs,” Semanco said. “Factoring and asset-based lending are options that can provide an immediate injection of cash flow so businesses can react to new opportunities, which in turn spurs hiring, purchasing and positive momentum to help stimulate the economy.”
Hennessey Capital provides working capital for growing business-to-business companies that are post-revenue, in transition or otherwise do not meet the credit guidelines of traditional bank lending. Products and services include factoring, asset-based lending programs, receivables management and business coaching. Hennessey Capital is part of the Hennessey Group of companies including Hennessey Enterprises and Hennessey Ventures. Visit http://www.hennesseycap.com for more information.